What would you do if you didn't have to work???

RPI said:

Hi haven't looked in for a couple of years, short attention span and had enough of reading property stuff all the time.Lots of new names and still a few oldies.

Anyway, I did retire at around 30 yrs of age from my previous life as a HPE Teacher thanks entirely to property investing (used equity to purchase an annuity), posts from a few years ago explain in more detail. I had 18 months off alltogether. Went to the gym, excercised a fair bit, played with my kids (2nd had just been born, wife also stays home with kids), managed my portfolio a few hours a week but just absically enjoyed not having to go to work everyday. Had enough of managing portfolio and gave all to an agent (now I don't want to know, my agent only conatcts by email and only for major stuff) i haven't even been inside an IP of mine in 3 years even though must are within 3 k's of my house.

I like challenges and my brain wasn't being stimulated enough so I:

Did a townhouse development, and actually did all the project managment myself.

sold 5 houses to buy 1 renovator on the water in inner Brisbane, fought the council for 10 months and got overheight DA to turn little workers cottage in to grand 3 story residence (still building it myself in my spare time)

Bought a business for circa $650K, did some work in it for a while, systemised it all got it running now increased turnover dramatically. Now I just physically pay the bills and wages (staff run it and even enter all bills into spreadsheet and quickbooks so I can do netbanking from anywhere) spend time know on marketing business and have just setup to franchise throughout OZ

Started EasyPhonewords a business that leases 1300, 1800 and 13 phonewords to other businesses eg. 1300 SPLIT AIR for airconditioning tech

Started AdBike.com.au -mountainbikes that tow 3 sided trailers with backlit billboards in them and eskys for handing cold promo products etc.

Basically I Still really enjoy property investing but I find that I have my formulae know and it is ticking along great. I am all about time and freedom but find that I still need new challenges and brain stimulation. With IP's none of this would of been possible and the fact I only do about 3 days work a week is great (and a lot of it I do from laptop sitting in a cafe on Burleigh heads beach). Would like to do some more developments and I again have had a good gain in my equity from the recent little run Brisbane has had.

Overall I guess I could of stayed working and made more money, done another development straight away of the same kind and made more money, I could work more in one of my businesses and make a higher wage so to speak etc. etc. But what I am currently focusing on is doing enough to make a decent living (while still accumulating significant property Growth for future years) but enjoying my kids (no 3 since been born and no 4 should be underway next year), stimulating the brain and still having a decent life.

IP for me was always about the ability to make choices and it still is today. I could buy a lot more property with my equity, especially if i 'worked' more hours to increase my cashflow, so i guess to answer the question what would i do if i didn't work, find something to challenge me that i can think about and work in a few days a week and the rest of the time enjoy my family caue they sure aren't young for long. If i didn't have kids I would probably find something more to get my teeth because all my mates are still a slave to the grind stone and don't have the time to hang out with me in the middle of the week

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RPI said:

Just re read my message and think I could of worded the first bit about why I haven't looked in for a while. THink this forum is great and have told any newbie or person I have meant who is or interested in becoming a property investor of the years that this forum is the best thing they could read. It has always been a wealth of knowledge and had some very interesting people in it. Reason for a break really was my short attention span, the need to look for something different.
I did it by 30 because I had quite a few IP's when the Brisbane market was stagnant and I got CG purely through renovating. SO when the last boom happened I think I had 6 places that had paid less then $180k for all in inner Bris so when they jumped to the 350 mark it obviously sped things up for me a bit. Also I started early and settled on first place within a month of graduating UNI.

Doesn't matter how old you are or when you do it just as long as you do. My Mum lived on a pension and never owned a house and still lives (if you can call it that) on the pension as a 70 something yr old. Not how I envisage my 'golden years' and I am sure is the same for everyone on here.

good luck

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L.AAussie said:

Not having to work is everyone's goal.

Having not worked for the last 2 odd years, I can say that I need to work.

If you are going to be free from work, you need to have some projects lined up, or a hobby, a sport (golf and skiing for me) to keep you busy and your mind and body active.

I think once I don't have to work I'll be playing lots of golf, spending time with my family and travelling with them, but I will dabble in reno projects for the fun of it (and the profit).

Renos are great; you get to work when it suits you, it's challenging, rewarding, keeps you thinking and keeps you busy (if you want to be).

Long term, and if the wealth level allows, I want to start a foundation/shelter/school for the troubled/homless/abused kids of Aus. No doubt that will be too much work, but I won't mind it.

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Leandro said:

I find it interesting that people that are seeking financial freedom so that they can quit their job to do want they want, also state that they will do renovations in their spare time because they would love to do that.

If so much joy is derived from renovating properties, why doesn't everyone just work in the construction industry!

For me personally, i will use a renovation strategy to increase the equity in my properties, but definitely can not see me enjoying it sooo much that this will be something i dream of doing in my spare time once i reach financial freedom.

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